Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Purchases 50,000 Shares of Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 50,000 shares of Sunrise Realty Trust stock in a transaction that occurred on Monday, March 17th. The stock was acquired at an average cost of $11.03 per share, with a total value of $551,500.00. Following the transaction, the chairman now owns 2,543,289 shares in the company, valued at $28,052,477.67. This trade represents a 2.01 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Sunrise Realty Trust Price Performance

Shares of NASDAQ SUNS traded down $0.04 during midday trading on Monday, reaching $11.00. The company’s stock had a trading volume of 138,355 shares, compared to its average volume of 94,703. The firm has a 50 day moving average price of $12.14 and a 200-day moving average price of $13.60. Sunrise Realty Trust, Inc. has a 12-month low of $8.11 and a 12-month high of $15.74.

Sunrise Realty Trust (NASDAQ:SUNS) last announced its quarterly earnings data on Thursday, March 6th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $3.45 million during the quarter, compared to the consensus estimate of $3.25 million. On average, equities analysts anticipate that Sunrise Realty Trust, Inc. will post 0.58 EPS for the current year.

Sunrise Realty Trust Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 10.91%. The ex-dividend date is Monday, March 31st.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SUNS. Raymond James reduced their price objective on shares of Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating for the company in a report on Monday, March 10th. Keefe, Bruyette & Woods decreased their price target on Sunrise Realty Trust from $12.75 to $12.25 and set an “outperform” rating for the company in a report on Monday, March 10th. Finally, B. Riley initiated coverage on shares of Sunrise Realty Trust in a report on Thursday, February 13th. They set a “buy” rating and a $15.00 price objective on the stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC lifted its position in shares of Sunrise Realty Trust by 353.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company’s stock valued at $41,000 after buying an additional 2,279 shares during the last quarter. Bank of America Corp DE raised its stake in Sunrise Realty Trust by 60.4% in the 4th quarter. Bank of America Corp DE now owns 5,183 shares of the company’s stock valued at $73,000 after acquiring an additional 1,952 shares during the period. Barclays PLC purchased a new stake in Sunrise Realty Trust during the third quarter valued at about $106,000. Spire Wealth Management purchased a new stake in Sunrise Realty Trust during the fourth quarter valued at about $137,000. Finally, JPMorgan Chase & Co. bought a new position in Sunrise Realty Trust during the third quarter worth about $155,000.

Sunrise Realty Trust Company Profile

Sunrise Realty Trust, Inc engages in commercial real estate (CRE) lending business. It focuses on originating CRE debt investments and providing capital to borrowers and sponsors with transitional business plans collateralized by CRE assets. The company intends to create a diversified investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, whole loans, B-notes, CMBS, and debt-like preferred equity securities across CRE asset classes.